New Jersey’s Prosperity Depends on Immediate Fiscal Reforms

New Jersey’s ability to achieve a balanced budget and to make the public investments necessary for broad prosperity is severely compromised by decades of poor fiscal decisions that have produced an unsustainable level of structural debt and an inability to pay for the state’s most basic needs.

To restore the foundations for growth and make the most of New Jersey’s potential, significant reforms are required in how the state sets priorities and handles its finances.

Politically expedient budget-balancing fixes made by both parties when they controlled New Jersey's government left the state with insufficient resources to meet growing needs in transportation, health care, environmental protection, and other vital areas. These problems were exacerbated by the steep decline in state revenue and the increase in public needs stemming from the 2008 recession and the sluggish recovery that followed.

Today the “blame game” must end. New Jersey’s fiscal crisis is too big and too complex to be dismissed by platitudes or fixed with gimmicks. It will get much worse unless we make a serious commitment to restore integrity to the state budget. New Jersey’s next governor and Legislature must prepare to take strong and deliberate action.